Like most property managers in Daytona Beach and even throughout the country, we weren’t sure what to expect after a crazy 2020 that involved a pandemic, shutdowns, economic turmoil, and eviction moratoriums.
For most investors and property owners, it wasn’t as bad as we expected from a business standpoint. Now, we’re looking at 2021 as things are opening back up, more people are being vaccinated, and infection numbers are going down. We may never get back to normal, but we’re heading towards a new version of normal that makes a lot of owners and tenants feel better.
In the Daytona Beach real estate market, demand is high and supply is low. Buyers are making offers that bounce way above the asking price, investors are paying in cash, and the competitive spirit is leading to less-than-ideal conditions such as a trend in waiving home inspections.
What does this mean for the local rental market?
It’s a good time to be renting out property. Tenants remain well-qualified and eager to rent maintained homes. Rental values are increasing and most of a landlord’s competition is coming from new construction multi-family buildings and apartment communities.
Daytona Beach’s Real Estate Market
Population growth and a sound job market are driving Daytona Beach’s rental market.
Florida has seen a surge in new residents, and our market on the Atlantic coast is especially attractive for people looking for sunshine, fresh air, and a lot of opportunities for entertainment and recreation.
Investors have always found Daytona Beach to be a hot market thanks to its tourism. The economy has recently diversified to include new healthcare companies, retailers, schools, and businesses in everything from tech to trades.
Economic growth in and around Daytona Beach has been positive. New construction developments have been working hard to keep up with demand, but it seems houses cannot be built fast enough. If you own property already, you’re in an excellent position to make a profit by renting it out.
Daytona Beach’s Rental Market
Daytona Beach is one of the best markets in the country to buy rental property. That’s because the rental market is so strong and incredibly profitable.
If you’re looking for cash flow, affordable property prices, a thriving job market, and a growing population, Daytona Beach is the place you want to invest.
There’s a trend in short-term vacation rentals that fits the Daytona Beach market perfectly. If you want to rent a home out for part of the year and use it yourself for a few weeks or months out of the year, this is the place to do it. There are also plenty of long-term renters looking for well-maintained rental homes in Daytona Beach and the surrounding communities. Rents are rising, providing consistent income and increasing long-term ROI.
Whether you are trying to decide how to maximize your current portfolio or you’re interested in beginning a real estate investment career, make sure you’re surrounding yourself with experts in the local market.
We can help. Contact us at Oceans Luxury Realty. We expect the Daytona Beach rental market to stay strong throughout the year, and we’d be happy to help you leverage what you own and what you want to do next.
